Key takeaways from RBI's report on the surge of digital payment fraud in FY23

According to the RBI annual report 2022-23, Banks witnessed maximum number of frauds in digital payment category during the fiscal ended 2023-24

The Banking system witnessed a total number of 13,530 frauds in the FY2023: RBI

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As per the report, almost 49 per cent equivalent to 6,659 cases were in the digital payment – card/internet transactions category

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The total amount of fraud in the digital payment category stood at Rs 276 crore in FY23

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Over the past two years, Banks experienced the highest number of fraud cases in their loan portfolios

Last three years data showed that private sector banks reported maximum number of frauds while public sector banks continued to contribute maximum to the fraud amount during 2022-23

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To improve data reliability in Fraud Monitoring Returns (FMR) submitted by banks, the RBI advised lenders to carry out proper due diligence and ascertain the involvement before including or adding names of the non-whole time director in the FMR/ CRILC

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